The Ontario Municipal Employees’ Retirement System’s assets grew by 4.2 per cent to $124.2 billion in 2022, according to its annual results. “Our significant allocations to private investments and focus on short-term credit over long-term bonds protected OMERS from the worst period of market losses incurred by investors since the 2008 global financial crisis,” said […]
A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related losses in the context of wrongful dismissal actions. The case, Williams v. Air Canada, involved a claim by a long-time employee whose employment was terminated in 2020 when the airline […]
Defined benefit pension plan sponsors using overlay strategies will gain more flexibility amid rising inflation now that the Office of the Superintendent of Financial Institutions has released guidance allowing them to disregard the overlay when measuring going-concern liabilities, says James Koo, a partner in Aon’s wealth solutions division. In May 2022, the OSFI raised the maximum […]
The Federal Court’s ruling that the termination of long-term disability benefits for Air Canada employees eligible to receive unreduced pension benefits doesn’t amount to age discrimination was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Termination of LTD benefits for Air Canada workers eligible […]
Trent University support workers represented by the Ontario Public Service Employees Union are joining the University Pension Plan. Under a new three-year collective agreement, the 460 employees — including administrative support staff, caretakers, secretaries, systems analysts and teaching assistants — will transition from the university’s defined benefit pension plan to the UPP in January 2025. […]
The Canadian Investment Review is pleased to announce the finalists of the 2022 Pension Leadership Awards. This year, the awards will be handed out in four categories, with three finalists selected for each. Read: Who are the finalists of the 2021 Pension Leadership Awards? This year’s finalists are: Investment Officer of the Year Duncan Burrill, chief executive officer, Canadian […]
The Pension and Investment Association of Canada is calling on the federal government to establish a going-concern plus regime as a long-term minimum funding requirement for federally regulated defined benefit pension plans. In its pre-budget submission to Finance Canada, the PIAC said it believes the Canadian government should set a uniform funding requirement for all provinces […]
Employers can leverage choice and financial education to help close the retirement gap among the Black, Indigenous and people of colour community, says Janice Holman, a principal at Eckler Ltd. A 2021 study by the Canadian Centre for Policy Alternatives, which analyzed data from the 2016 census, found racialized seniors were most reliant on public […]
An article on how much money Canadians think they’ll need in retirement was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Canadians believe they need $1.7 million in savings to retire: survey 2. FSRA promoting retirement planning with Pension Awareness Day 3. Survey finds 59% of […]
Amid the unprecedented events of the last three years, the Colleges of Applied Arts and Technology pension plan has remained on course with its investment strategies, according to Asif Haque, the plan’s chief investment officer. “We held our focus on the key goal of the CAAT’s investment program. . . . The plan’s diversified asset […]